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January 21, 2008
BoA Secured Credit Card Offer
If you have no credit or need to rebuild your credit a secured credit card is an excellent way to get your credit from none or bad to an excellent rating.
As always, the editorial team here has their ear to the ground watching for new card offers in every category.
The latest card we have seen come on the market is the Bank of America Secured Credit Card.
We are currently evaluating the full details of secured card offer and will be posting our review very soon but in case you don't know how secured credit cards work we would like to give you a brief explanation.
A secured credit card requires you to make a security deposit before you get your card. The credit limit is directly determined by the amount of cash you place in a security account.
If you want a credit card with a $5000 limit then you will be required to make a deposit of $5000 to secure the line of credit.
The cash in the security account is not used to pay your balance, the money is held in the account in the event that you run your card to the maximum and fail to pay it back so the bank has recourse in the event you default on your obligation.
You will still need to pay your minimum payments like a regular credit card.
The security deposit eliminates the risk to the bank and provides you with the opportunity to build or re-establish your credit rating.
We will post more detail about the Bank of America secured credit card very shortly so come back to see what our editorial staff has to say about this new secured card offer.
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